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President Tinubu sets up tax reforms committee, appoints Oyedele chairman

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Nigeria’s President, Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms, while appointing the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers, Mr. Taiwo Oyedele, as committee chairman.

The development comes barely 24 hours after the President signed four Executive Orders, suspending the five per cent excise tax on telecommunication services and the excise duties escalation on locally-manufactured vehicles.

According to the President, the committee “Will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonisation of taxes, and revenue administration,” a statement signed by Tinubu’s Special Adviser on Special Duties, Communication and Strategy, Dele Alake, read on Friday.

According to the statement titled ‘President Tinubu sets up committee on tax reforms,’ the committee’s primary objective is to enhance revenue collection efficiency and ensure transparent reporting.

It will also promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance.

Alake cited earlier remarks by the Special Adviser to the President on Revenue, Mr Zaccheus Adedeji, who explained that Tinubu recognises the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.

According to Adedeji, “Nigeria ranks very low on the global ease of paying taxes while the country’s Tax to GDP ratio is one of the lowest in the world and well below the African average.

“This has led to an overreliance on borrowing to finance public spending, which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue, annually resulting in a vicious cycle of inadequate funding for socio-economic development.

“While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative,” he said.

Adedeji outlined the key challenges in Nigeria’s tax system, including multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale, high prevalence of tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in the utilisation of tax revenue.

Adedeji explained that the administration hopes to transform the tax system to support sustainable development and achieve a minimum of 18 per cent Tax to GDP ratio within three years without stifling investment or economic growth.

“It should be noted that this committee will not only advise the government on necessary reforms but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration,” the SA on Revenue added.

Oyedele, who chairs the committee, is the Thematic Lead for the Fiscal Policy & Planning Commission and Chairman of the West Africa Debt Management Roundtable of the Nigerian Economic Summit Group.

He also heads the Taxation & Fiscal Policy Faculty Board of the Institute of Chartered Accountants of Nigeria and is a member of the Nigerian Taxation Standards Board.

Oyedele serves as a member of the Ministerial Committee on implementing Nigeria’s National Tax Policy. He is a member of the Global Tax Forum and has previously served as a member of the Global Governing Council of the Association of Chartered Certified Accountants.

Oyedele, an Associate Professor at the Babcock University Business School, is an alumnus of the London School of Economics & Political Science, Yale University, and Harvard Kennedy School Executive Education.

He is also a guest lecturer at the Lagos Business School and the Founder and President of Impact Africa Foundation.

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JUST IN: Filling stations shut after Dangote Refinery’s petrol price drop

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Some filling stations and petroleum products marketers, partners of Dangote Refinery’s petrol, temporarily shut down for the past five days after the latest premium motor spirit price drop by the 650,000 barrels per day refinery.

Recall that for the past five days, MRS filling stations in Abuja, along Kubwa Expressway, and others have not dispensed fuel since Dangote Refinery announced its ex-depot fuel price reduction to N835 per litre on Tuesday, 16 April, 2025.

An official of MRS filling station, who preferred anonymity because he is not authorised to speak said the filling station is grappling with the loss incurred after Dangote’s latest price adjustment.

“It is because of Dangote’s latest price drop. The filling station had old stock, which it couldn’t sell at a loss.

“This is the reason we have shut down since Tuesday. We may reopen on Tuesday,” he said.

Meanwhile, another official at the filling station said the retail outlet is billed to reopen on Tuesday, noting that it has been undergoing minor maintenance.

“We have been on maintenance for the past few days, which is the reason the station was shut. We will reopen on Tuesday,” he said.

According to him, the filling station would commence dispensing at the new price of N910 per litre from Tuesday.

Other partners of Dangote Refinery, such as AP, Ardova, and Optima, are dispensing fuel between N910 and 920 per litre in parts of Abuja as of Monday, 21st April 2025.

Reacting to the development, the National President of Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the latest fuel price drop affected the purchasing power of petrol retailers and marketers.

According to him, indiscriminate price adjustment, whether downward or upward, is not good for the petroleum downstream sector and the Nigerian economy.

At every point, if prices of petrol are indiscriminately changed without any clearly defined economic reason, the chances that it will impact on the buying power of retailers and marketers are there.

“It is not good for business, the economy, and Nigerians.

“Prices of petrol change for reasons that are understandable with proper information to retailers,” he said.

Recall that Gillis-Harry had earlier called for a six-month fuel price stability plan to halt fluctuations.

Earlier, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, had hinted that marketers having old stocks of fuel will incur billions of losses following Dangote’s latest fuel price drop.

Last week became the second time the $20 billion refinery reduced its fuel price nationwide. This indicates a combined downward ex-depot price drop of N45 per litre.

Dangote Refinery had, on 10 April, reduced its gantry price of petrol to N865 per litre.

However, the ex-depot fuel price had further dropped to N835 per litre.

This comes after the federal government’s renewed commitment to the indefinite continuation of the naira-for-crude deal with other local refiners and the drop in global crude prices to around $66 per barrel.

The Nigerian National Petroleum Company Limited recently reduced its retail price to N935 per litre for customers in Abuja in response to Dangote Refinery’s latest price cut.

This means that Nigerians currently buy petrol at between N890 and N950 per litre, depending on the location nationwide.

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NNPC’s Olufemi Soneye Emerges NIPR Spokesperson for 2025

Responding, Soneye attributed his recognition by the NIPR with its most exalted spokesperson’s award to the dedication of the entire team at the NNPC.

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Soneye (middle) receive NIPR’s prestigious award .

The Chief Corporate Communications Officer, Nigerian National Petroleum Company Limited (NNPC), Mr. Olufemi Soneye, has emerged the Nigerian Institute of Public Relations (NIPR) spokesperson of 2025.Announcing the award, the NIPR described Soneye as a “diligent” spokesperson, characterising him as “a strategist.” Soneye’s capacity to shape public opinion, also stood him out of the crowd of spokespersons, according to the Adjudication Committee, Chairman, Dr. Shaibu Hussein.

Represented by a member of the committee chairman, Lami Tuiaka, the chairman said the moment to the conclusion of the award was rigorous and demanding. He also predicated Soneye’s victory on his communication skills, crisis management and overall impact.

“Our committee comprising communication scholars, Public Relations practitioners, and media personalities worked tirelessly to review the nomination, assess performances and deliberate on the winner.

I must report that we carefully examined each nomination, considering factors such as communication skills, crisis management and overall impact,” he said.

Presenting him the plaque at the National Spokespersons Award 2025, chairman of the event Deputy Chairman, House Committee on Power, Hon. Joshua Audu, said the institute would celebrate Soneye throughout 2025 as the current NIPR spokesperson award winner.

He said: ” On behalf of the NIPR Award Night 2025, I have the honour and privilege to present the Spokesperson of the year 2025. Please join me to celebrate our latest spokesperson that we will celebrate throughout 2025 in the person of Olufemi Soneye.”

Responding, Soneye attributed his recognition by the NIPR with its most exalted spokesperson’s award to the dedication of the entire team at the NNPC.

Amid a standing ovation, he said: “We are all happy and I am deeply honoured to receive this award tonight from NIPR. This award reflects the dedication of our entire team and we want to thank NIPR for all they have been doing.”

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Mission to boldly grow food in space labs blasts off

ESA is funding the research to explore new ways of reducing the cost of feeding an astronaut, which can cost up to £20,000 per day.

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Artwork: The experiment will orbit the Earth for three hours before returning to Earth and splashing down off the coast of Portugal.

(BBC): Steak, mashed potatoes and deserts for astronauts could soon be grown from individual cells in space if an experiment launched into orbit today is successful.

A European Space Agency (ESA) project is assessing the viability of growing so-called lab-grown food in the low gravity and higher radiation in orbit and on other worlds.

ESA is funding the research to explore new ways of reducing the cost of feeding an astronaut, which can cost up to £20,000 per day.

The team involved say the experiment is a first step to developing a small pilot food production plant on the International Space Station in two years’ time.

Lab-grown food will be essential if Nasa’s objective of making humanity a multi-planetary species were to be realised, claims Dr Aqeel Shamsul, CEO and founder of Bedford-based Frontier Space, which is developing the concept with researchers at Imperial College, London.

“Our dream is to have factories in orbit and on the Moon,” he told BBC News.

“We need to build manufacturing facilities off world if we are to provide the infrastructure to enable humans to live and work in space”.

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